[비즈한국] As Daehan Flour Mills001130 Group, famous for its 'Gompyo Flour', marks its 15th year since transitioning from the era of second-generation founder, the late Honorary Chairman Lee Jong-gak, to the current leadership of his son, Chairman Lee Kun-young, a change in the stake of the group's largest shareholder has been detected. The largest shareholder of Daehan Flour Mills is D&B Company, which acts as the group's holding firm, and the largest shareholder of D&B Company is Lee Hye-young, the older sister of Chairman Lee Kun-young. However, the stake in D&B Company held by Lee Hye-young decreased slightly at the end of last year. This has sparked analysis that the succession process, which was left incomplete by the late Honorary Chairman Lee Jong-gak, may finally be reaching its conclusion.
Daehan Flour Mills, a leading domestic flour manufacturer, has D&B Company, an unlisted affiliate, as its largest shareholder with a 27.82% stake. This is followed by Chairman Lee Kun-young with 7.01% and his younger brother, Vice President Lee Jae-young, with 2.32%. Other specially related parties hold less than 1% each. D&B Company became the largest shareholder in May 2015, after acquiring an 18.98% stake through an in-kind contribution from the second-generation founder, Chairman Lee Jong-gak. At the time, Daehan Flour Mills stated that it had acquired Chairman Lee's stake to transition D&B Company into a holding firm to improve corporate governance and increase management efficiency.
By 2015, the owner family held 96.3% of D&B Company, with the remaining 3.7% held by the affiliate Daehan Silo. In 2016, the entire stake held by Daehan Silo was transferred to the owner family (100%), bringing Chairman Lee Jong-gak's share to 83.67%.
Following the passing of Honorary Chairman Lee Jong-gak in March 2022, his shares were left as an inheritance. At the time, industry consensus held that the eldest son, Chairman Lee Kun-young, who serves as CEO, would inherit his father's shares to solidify group control. However, after the inheritance discussions among the bereaved family were finalized, it was Lee Hye-young, the eldest daughter of Lee Jong-gak and older sister of Chairman Lee Kun-young, who emerged as the largest shareholder of D&B Company. Lee Hye-young holds a 25.71% stake. Ultimately, while Chairman Lee Kun-young leads Daehan Flour Mills, the final decision-making power rests with Lee Hye-young.
However, it has been revealed that Lee Hye-young's stake in D&B Company decreased by approximately 4%, from 25.71% to 21.6%, at the end of last year. This sudden change in shareholding has led industry insiders to analyze whether it is related to succession. Since the owner family still holds 100% of D&B Company and Lee Hye-young remains the largest shareholder, the possibility that she transferred part of her stake to one of her three younger siblings is being raised.
Bizhankook requested confirmation from Daehan Flour Mills on this matter several times, but a company representative, after stating they would "respond after verification," ultimately failed to provide a reply.